Everybody needs a loan at some point of time in today’s time. Because there are a lot of benefits to taking a loan. A loan is something through which you can own the thing that you want. For example, if you are living in a rented house. You are paying rent every month and get nothing. Now if you will take a loan a purchase a house for yourself then you own a house and you will pay that rent amount as an EMI. All the banks are giving different kinds of loans for various purposes. Every bank loan has different Terms and conditions. The one which you like you can take that loan. So today we will discuss about the e mudra loan sbi.
There are a lot of things that a person should be aware of while taking a loan. People will not get the loan so easily. You have to be eligible for that. Borrowers need to know all the terms and conditions of the loan you are taking. Taking a loan is like if you are not researching on that properly it can be a hassle for you. Don’t worry we will share every important information about e mudra loan sbi. Afterwards, you can take the benefits of this loan without any problem in the future. So to know about every single information about this loan read out every single word of this article till the end.
About e mudra loan sbi
SBI is a great and a trustworthy bank in India. It provides a great service to its users. It always provides various kinds of beneficial services. SBI stands for State Bank of India. It works on government schemes also. It cooperates with the government schemes so that it can help the people in the situation for which they want the loan. e mudra loan sbi is also a government scheme. This Yojana was launched by our Honourable Prime Minister Narendra Modi in 2015.
In this scheme, people can borrow the loan to set up a new business. It is a kind of loan if you are a person who has some great business ideas but does not have funds then you can borrow this loan so that you can complete your dream as a business. Now the government has launched this kind of loan, so you can’t blame the government for these things. They did a very great job for the people with great business ideas and lack of funds.
Overview of this Yojana
The reason behind launching this scheme was so do start-ups, could spread their business to a higher level. The government launched this scheme very soon after coming into power. It will increase the manufacturing and the business in India and then outsourcing the business from other countries will not be that demanding. According to all the aspects, this is a great initiative by the government. How great it will be that India will not be dependent on the other countries for the business. It is offered as a term loan.
There are different categories in this loan. The first category is the Shishu category. In this category, you can borrow up to 50k loan. This loan is for those who need a smaller amount for their small startup or want some funds to fulfill the business requirement. The other category is the Kishore category. Under this category of the loan, you can borrow from 50K – 0.5 million. The final category is the Tarun category. If you are taking a loan above 0.5 million to 1 million then it will come under the tarun category. This is also a great thing about this loan that everything is categorized so that there should be no confusion.
You can return the total amount of the loan in 3-5 years. It totally depends on the amount of loan you have borrowed. There is one more benefit for the people who take this loan. There is no charge on the loan if the amount of your loan is below 5 lakhs. If you are taking a loan above 5 lakhs, then the charge will be 0.5 percent of the total amount you have borrowed. So there is nothing like high charges on this loan. It is like a boon to the people who are looking for the funds for their business.
Eligibility for e mudra loan sbi
You can borrow this loan if you are looking to set up a business or you want to make your business bigger and take it to the next level. It doesn’t matter whether you belong to a rural area or you live in a city. Even if you are a shopkeeper, small vendor, or any kind of business you are doing then you can also borrow this loan.
Documentation for e mudra loan sbi
You need residence proof. There should be an official document that has been verified by the government as well. Such as Aadhaar cards and electricity bills etc. Your ID proof. There should be a bill receipt for the purchase of the stock of the business. You have to give some proof of your business. Borrowers have to give a document which gives the proof of your caste. Moreover, you have to provide the statement of your bank for the last six months.
You should have an existing savings or current account in SBI to borrow this loan. Your record should also be well maintained. All these criteria will allow you to borrow e mudra loan sbi
Conclusion
To sum up I want to say that this is a great initiative by the government. This is the first time a government launched such a kind of loan. It will be a great help to all the businessmen from low to high level. It will increase India’s own business and can also reduce the problem of employment.
Hope you find this article well informed. Thank you for reading this article till the end.
Disclaimer
We just wrote an article on this. If you are looking to borrow this loan, then borrow it at your own risk.